All you need to know about life insurance 2022
'Akhbar Al-Youm' portal monitored everything you wanted to know about life insurance and the most famous companies during the recent period.
Life insurance is an insurance contract concluded between an insurance policy holder and an insurance company, in which it is agreed that the insurance company will pay a certain amount of money in the event of the policy holder’s death to his heirs or beneficiaries chosen by the insured, and the policy holder is obligated in return for this to pay an amount of Money on monthly subscriptions or monthly installments or an amount of money in one go.
The contract specifies the validity period of the contract, and the contract usually agrees on the amount that the company pays to the heirs or beneficiaries in the event of the policy holder’s death. The policy may contain additional contracts or additional benefits that include disability, disability, serious illness, or be a plan to ensure university education for children or any goals Or other programs.
Types of life insurance
1- Life insurance only, and this type includes the contract according to which the insurance company pays a certain amount of money to the heirs or beneficiaries registered in the contract in the event of the death of the policy holder during the validity period of the contract, (the interest of the policy is to insure the heirs for a specified period of time, and that they obtain On the agreed amount in the event of the death of the insured (the head of the family), to secure the needs of the household and to continue living in comfort, stability and a decent life after the death of the breadwinner (the head of the family)
2- A contract that includes life insurance and savings: according to this contract, the insurance company pays the contracted amount to the heirs or beneficiaries in the event of the death of the policy holder, or pays the policy holder another contracted amount if he reaches the age of 65 years, for example, which is part of the Pension.
Due to the different types of insurance contracted, the monthly premium/contribution that the policy holder pays to the insurance company according to the first type is much less than the premium he pays if he concludes a contract of the second type that includes savings. The monthly subscription/monthly installment may be increased by adding any of the additional protection contracts such as (accidents, amputations, serious diseases, total and permanent disability) that entail additional obligations and costs.
Leading life insurance companies
Egypt comes first in life insurance, with investments amounting to EGP 29.6 billion in 2018, representing 54.4% of the total life insurance sector investments.
In second place, Allianz Insurance came among the list of the largest companies in the life activity in terms of the volume of investments in 2018 with a value of 8.3 billion pounds.
In third place comes AXA Life Insurance, with a total investment of EGP 5.5 billion.
In fourth place comes MetLife, with a value of approximately 4.4 billion pounds, followed by QNB, with total investments of 2.4 billion pounds.
In sixth place comes the Suez Canal Life Insurance Company, with a total investment of 1.01 billion pounds.
The seventh place was taken by the Delta Insurance Company, with a total investment of one billion pounds, followed by Al-Mohandes Life Insurance Company, with a value of 892 million pounds.
In the ninth place, Chubb, with investments amounting to 476 million pounds.
In the tenth place comes the Egyptian Takaful Insurance Hayat Company, with investments amounting to 397 million pounds.
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